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HOWARD UNIVERSITY RECORD 

HOWARD UNIVERSITY RECORD: Published by Howard University in January, March, May, 
June, November, and December. Subscription price, one year, twenty-five cents. Entered at 
the Post Office at Washington, D. C. as second class mail matter. 

Volume 8 VVASHIXGTOxN. D. C, DECEMBER, 1914 Number 6 



Commercial College 
Studies of Negroes in Business 




No. I: Negro Banks 



George W. HINES, A. B., Collaborator 

George Wm. Cook, A. M., LL. M., Dean of the 

Co7nmercial College 



Howard University Press 



Crtikclod set. 






BOARD OF TRUSTEES 



Ex-Chief Justice STANTON J. PEELLE. LL.D., President of Board of Trustees 
STEPHEN M. NEWMAN, A. M.. D. D.. President of the University 
GEORGE Wm. cook, LLi. M., Secretary and Business Manager 
EDWARD L. PARKS. A. M., D. D., Treasurer and Segistrar 



Justice GEORGE W. ATKINSON, LL. D.. Washington, D. C. 

Rev. H. PAUL DOUGLASS, D. D.. New York City 

ANDREW F. HILYER, LL. B.. Washing-ton, D. C. 

Rev. STEPHEN M. NEWMAN, A. M., D. D., Washington, D. C. 

Ex-Chief Justice STANTON J. PEELLE, LL. D., Washington, D. C. 

Rev. ULYSSES C. B. PIERCE, D. D., Washington, D. C. 

Rev. CHARLES H. RICHARDS, D. D., New York City 



Justice THOMAS H. ANDERSON, LL. D., Washington, D. C. 
Justice JOB BARNARD, LL. D., Washington. D. C. 
Mr. WILLIAM V. COX. A. B., Washington, D. C. 
Rev. FRANCIS J. GRIMKE, D. D.. Washington, D. C. 
Mr. HENRY E. PELLEW. Washington, D. C. 
Hon. CUNO H. RLTDOLPH. Washington, D. C. 
WILLIAM A. SINCLAIR, M. D., Philadeliihia, Pa. 
Principal BOOKER T. WASHINGTON, LL. D., Tuskegee, Ala. 



Mr. JOHN T. EMLEN, Philadelphia, Pa. 
Rev. ALAN HUDSON, D. D.. Brockton, Mass. 
THOMAS JESSE JONES. Ph. D., Washington, D. C. 
Rev. JESSIE E. MOORLAND. D. D.. Washington, D. C. 
Hon. JAMES C. NAPIER, LL. D.. Nashville. Tenn. 
CHARLES B. PURVIS. M. D.. Boston. Ma.ss. 
JAMES H. N. WARING, M. D., Washington, D. C. 
MARCUS WHEATLAND, M. D., Newport, R. I. 



HONORARY BOARD OF TRUSTEES 

WILLIAM H. TAFT, LL. D.. New Aiven. Ct. 

Hon. JOSEPH H. CHOATE, LL. D., Aew York City 

Mr. JOHN A. COLE, Chicago, 111. / 

Bishop BENJAMIN F. LEE, D. D..Wilberforce, Ohio 

Hon. JOSEPH D. SAYERS. Texas 

Bishop BENJAMIN TUCKER TANNER, LL. D., Philadelphia, Pa. 

Bishop WILBUR P. THIRKIELD, LL. D.. New Orleans, La. 

Hon. GEORGE H. WHITE. Philadelphia, Pa. 



PATRON EX-OFFICIO 

The Secretary of the Interior, Hon. FRANKLIN K. LANE 

Gift 

The Ur 




NEGRO 
BANKING INSTITUTIONS 

The Nature of the Inquiry 



FROM time to time there has been pubhshed some- 
thing in a general way concerning banking estabhsh- 
ments among Negroes. Until 1907, when Atlanta 
University published its report based upon the 
study of the economic conditions, so far as the 
writer is able to find, nothing definite upon the sub- 
ject has been recorded. The object of this study is to make a 
search for truth relative to banking institutions operated by Ne- 
groes in the United States in 1914. The data presented in the 
tables were obtained from the various banks by Schedule B on 
the following page. An attempt is made to point out what the 
figures collected are thought to mean with a hope that some 
social service may be rendered. 

December, 1914. George W. Hines. 



SCHEDULE B 

(Used in Collecting Data) 

Commercial College Studies of Negroes 

in Business 

George W. Mines, A. B., Gecrge Wm. Cook, A.M., LL. M. , 

Collaborator Dean 

Banks. 

Name 

Location 



Date 1914 



1. Copy of your last statement 

2. Number of depositors 

3. Number of employees 

4. Minimum salary of employees 

5. Gross amount of salary paid employees. 

6. Date bank was established 



REMARKS; 



Comparative Study Between 21 Banks Se- 
lected from the Atlanta University Studies in 
1907 and 21 Banks Selected by the Commercial 
College of Howard University in 1914 

]^^=x^E Atlanta University Studies. Economic co-operation 
■ J among Negroes, which was published in 1907 gave 
^^m^ twenty-eight banks with their names, places of location, 
year established, Paid in Capital, surplus and deposits. See page 
9(''). In addition to these thirteen were reported with the name 
and place of location. Of the above twenty-eight banks named, 
the writer has selected twenty -one for a study, because it is found 
that several of the number presented did not give sufficent data 
for an analysis. 

The twenty-one selected banks show a Paid in Capital of $276, 
800, a Surplus of $179,740 and Deposits $1,103,838. Seventeen, 
of these show a Paid in Capital less than $15,000; two fall be- 
tween $15,000 and $25,000; and two between $25,000 and $100, 
000. Grouped according to their Surplus, there is one less than 
$1,000; eleven fall between $1,000 and $5,999; and three fall be- 
tween $6,000 and $140,000. C^Mgain they fall into three classes; 
sixteen show deposits less than $50,000; two fall between $50,000 
and $100,000; and three fall between $100,000 and $340,000. 

The twenty-one banks selected in 1914 show a Paid in Capital 
of $378,705.64, four not reporting this item, a Surplus C") of 
$121,375.32,three not reporting this item, and Deposits $1,573, 
907.89 three not reporting this item. Seven show a Capital paid 
in less than $15,000; one falls between $15,000 and $25,000; 
and seven between $25,000 and $100,000, six not reporting this 
Item. Grouped according to Surplus there are three less than 
$1,000; six between $1,000 and $5,999 and six fall between 
$6,000 and $140,000, five not reporting this item. Classed accord- 
mg to Deposits, eight show a deposit less than $50,000; one be- 
tween $5 0,000 and $100,00 and seven fall between $100,000 

(») Table One. ~ 

C*) Six not reporting this item. 

n Surplus here includes undivided profits. 



and $340,000. One bank reported over $340,000 and five did 
not report this item. See Table III. 

The gain in amount of Paid in Capital for a period of seven 
years. 1907-1914, is $101,904.64 or 36 per cent. There is a loss 
exhibited in the amount of Surplus of $58,364.68 or 32 per cent. 
But as a matter of fact larger sums of money paid in have found 
still larg^^i:.opportunities for, the expansion of loans. The Deposits 
show a decided gain of $470,069.89. or 42 per cent. For 21 banks 
exhibited in 1914 there were deposits of $1,573,907.89 by 
30,821 depositors, an average of $51.06 for each depositor. See 
Table IV., 

For the year 1914 twenty-one banks report Resources: Loans 
and Discounts $1,023,938.89; Overdrafts $6,628.41; (") Bonds 
and Stocks $34,698.50; Due from other banks $112,713.19; Real 
Estate .$478,897.65; Furniture and Fixtures, including banking 
house, $57,048.29; Cash $250,708.98, Cash Items $41,222.98; 
and other Resources $296,897.9?; a total of $2,302,754.82. 

C) In many cases these overdrafts are secured. 



8 



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TABLE III 

Comparing 21 Banks Selected in 1907 with 
21 Banks Selected in 1914 



Classification Paid in Capital 

1907 



Paid in Capital 
1914 



1 



17 less than $15,000. 7 less than $15,000. 



2 
3 


2 between $15,000 and 
$25,000. 

2 between $25,000 and 
$100,000. 

Surplus 

I less than $1,000. 

II between $1,000 and 
$5,999. 


1 between $15,000 and 
$25,000. 

7 between $25,000 
and $100,000. 




Surplus 


1 


3 less than $1,000. 


2 


6 between $1,000 and 
$5,999. 


3 


3 between $6,000 and 
$140,000. 

Deposits 


^6 between $6,000 and 
$140,000. 

Deposits 


1 


16 less than $50,000. 


8 less than $50,000. 


2 


2 between $50,000 and 
$100,000. 

3 between $100,000 
and $340,000. 

i 


1 between $50,000 and 
$100,000. 


3 


n between $100,000 
and $340,000. 




1 over $340,000. 



C^) The remainder of the banks in each class did not report these items. 



11 



TABLE IV 

Gain and Loss in Paid in Capital, Surplus and 

Deposits in the 21 Selected Banks 

1907-1914 



1907 1914 Gain 1914 


Per cent 


Paid in Capital 


36 + 


$ 276,801 


$ 378,705.64 


$ 179,740 


Surplus 




/ 


$ 121,375.32 'Loss$ 58,364.68 




$ 1,103,838 

/ 


Deposits 




i 


$1,573,907.89 Gain $470,069.89 


42 + 



The Liabilities were: Capital Stock $378,705.64: Surplus and 
Undivided Profits $121,375.32: Deposits $1,573,907.89; Due 
to other Banks $13,767.07 and other Liabilities .$214,998.20. 
The Capital including Surplus amounts to $500,180.96 an aver- 
age per bank of $23,818.14. See Table IV. 

These 21 banks employed 77 persons last year and paid them 
a gross amount of salary of $60,477.13. There are, of course, 
persons employed who give only a part of their time and do not 
draw a salary. 

In 1914 there were 64 banks reported and information has been 
received that 4 additional ones are to be established in the near 
future. The writer has a knowledge of most of these banks but 
has received data from about fifty per cent of them. Some of 
those reported could not be located, while two were reported as 
having failed. 

While the first bank to be established in the interest of Negroes 
was the Freedmen's Saving Bank and Trust Company incorpo- 
rated by Congress in 1865, the first to be organized by Negroes 
was the Capital Savings Bank of Washington, D. C. in 1888. 

12 



The Mutual Bank and Trust Company of Chattanooga, Tennes- 
see and the True Reformers' Bank of Richmond began business 
in 1889. In 1890 the Alabama Penny Savings Bank of Birming- 
ham, Alabama was opened for business. This bank, with its 
branches; is perhaps the strongest Negro bank doing a business 
today. 

The Capital Savings Bank, the True Reformers' Bank and the 
Mutual Bank and Trust Company failed after having done a 
business for several years. This, of course, was a very natural 
thing, since it was an adventure so far removed from a group's 
experience. To these failures must be added the Lincoln Savings 
Bank, Vicksburg, Miss., the Metropolitan Mutual Benefit Asso- 
ciation, Savannah, Ga., the Progress Savings Bank. Key West, 
Fla.; and the Baltimore Penny Savings Bank, Baltimore, Mary- 
land. 

A comparative growth of Deposits in one of the Negro banks 
is here presented as a type: 

The Solvent Savings Bank and Trust Company of Memphis, 
Tennessee reports Deposits: 

December 31. 1906 $ 18,374.71 

December 31, 1907 $ 43.620.96 

December 31. 1908 $ 51,158.77 

December 31, 1909 $ 77.754.42 

December 31, 1910 $ 93,113.46 

December 30, 1911 $116,144.47 

December 30, 1912- '■ $112,673.51 

December 30, 1913 $152,244.06 

The directors of this bank are men engaged as merchants^ 
physicians, lawyers, real estate dealers, undertakers and the gov- 
ernment service. Some features of the bank are its safety deposit, 
boxes, electrically protected vaults, the installation of the Pinker- 
ton's National Detective Agency and the American District Tele- 
graph Company's Electric Protection, pay 3 per cent interest on 
savings accounts and 4 per cent interest on Certificates of Depos- 
its; the books are audited by the established firm of O. R. Ewing 
& Co., Expert Accountants. This bank is also a member of the 
Tennessee Bankers Association and the American Bankers Asso- 
ciation. 

13 



TABLE V 

Resources and Liabilities of 21 
Banking Institutions 

Resources 

Classification 1914 

Loans and Discounts $ 1,023.938.89 

Overdrafts 6.628.41 

Bonds and Stocks 34,698.50 

Due from other Banks 112,713.19 

Cash • 250,708.98 

Furniture and Fixtures 57,048.29 

Real Estate 478,897.65 

Cash Items 41,222.98 

Other Resources 296,897.93 

Total $ 2,302,754.82 

Liabilities 

Capital Stock .$ 378,705.64 

Surplus and Undivided Profits 121,375.32 

Deposits 1,573,907.89 

Due to other Banks 13,767.07 

Other Liabilities 214,998.90 

Total % 2,302,754.82 

Conclusion 

The facts herein exhibited emphasizesome predominant changes 
taking place in a very human way in the economic life of the 
Negroes of the United States. The forces at work, in a quiet 
way, are slowly making an impression upon certain groups of 
people which is gratifying. These truths become more pro- 
foundly interesting when it is kept in mind, that the race that 
begt^^^n this business career only twenty-six years ago, with prac- 
tically neither capital nor experience with saving institutions, is 
today conducting an enterprise of such great utility. The incre- 
ments of wealth shown in the various institutions which have 
done a banking business within the past seven years are positive 
factors. 

14 



A need of uniformity in methods among Negro Bankers is 
evident. But the problems which confront them are largely those 
which follow skilled occupations. The door of opportunity to 
obtain knowledge, that is, by actual contact, of institutions and 
agents used in funding operations is closed to them; the cause is 
another story. Little if anything was found in the previous oc- 
cupations of the Negro Banker which could prove an asset to 
his new business activities. In many cases he was a clergyman; 
he it was that found time to read, to think, to discuss the prob- 
lems of the body politic and to get in touch with the rank and 
file of the members of his group; hence he it was who caught the 
vision of the corner grocery store, the social functions of his 
community and the bank. Whatever has been the Negro's 
equipment for the banking business in the past, the present con- 
ditions and problems are being faced by young men who are not 
satisfied with a common school education, but who are pursuing 
college courses, after which they become apprentices in a bank 
or some mercantile enterprise, teach school or matriculate in a 
commercial college. There exists among these thrifty persons 
a Banking Association, which is reported to play no small part, 
while yet in its infancy, in the development of economic cooper- 
ation. 

It is true that the Negroes are placing a part of their earnings 
in the hands of their banking institutions, which in turn are using 
these savings for a distinct economic good. It is found that they 
had deposited to their credit for one year ending March 1914, 
over two millions of dollars. Fifty per cent of the number of 
reported banks had loans on Real Estate amounting to a half mil- 
lion dollars. This is of vast importance, for it exhibits the fact 
that the Negro bankers are able to judge the value of property, 
for they here meet keen competition. 

In concluding, one fact is preeminent, that the Negra bank- 
ing institutions are contributing no mean part in the strivmg of a 
group to become economically independent. 



15 



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19 



Some Recent Statements of Several 
Successful Banks 

Statement of Alabama Penny Savings Bank 

and Branches 

Resources 

Currency $ 20,090.00 

Gold 3,500.00 

Silver, Nickels and Pennies 3,645.17 Ji3S.\'l 

Exchanges for Clearing House 854.96 

Due from Banks in this State 40,935.19 

Due from Banks in other States 394.14 .^il,^*^ 

Total $ 69,419.46 

Bonds and Stocks owned by Bank 16,050.00 

Loans and Discounts 260,750.63 

Overdrafts 1 78.48 

Banking House 75,000.00 

Furniture and Fixtures 11,082.35 

Other Real Estate 116,915.60 

Grand Total $549,396.52 

Liabilities 

Individual Deposits Subject to Check $286,156.54 

Savings Deposits 4,436.91 c 

Time Certificates 110,205.84 

Cashier Checks 643.82 

Certified Checks 241.40 

Due Banks in this State 11,500.00 

Due Unpaid Dividends 311.66 

Total $413,496.17 

Capital Stock Paid In $ 61,080.00 

Surplus Fund 20,000.00 

Undivided Profits, Less Current Expenses and Taxes 1,714.57 

Notes and Bills Payable 53,000.00 

Suspense 105.78 

Grand Total $549,396.52 

W. R. Pettiford, President. 
B. H. Hudson, Cashier 
20 



Statement of Brown Savings and Banking 
Company, Norfolk, Virginia 

Resources 

Loans and Discounts $ 24.212.30 

Overdrafts. Secure, Unsecured 9.35 

Other Real Estate Owned 7,500.00 

Furniture and Fixtures 2,711.00 

Exchanges and Checks for next Day's Clearings- . • • 173.50 

Due from National Banks 8,333.49 

Due from State Banks, Private Bankers and Trust 

Companies 1,000.00 

Paper Currency 737.00 

Fractional Paper Currency, Nickels and Cents 139.63 

Gold Coin 97.50 

Silver Coin 75.00 

All Other Items of Resources viz; Unearned Rentson 

Bank Building 200.00 

Total .$ 45,188.77 

Liabilities 

Capital Stock Paid In $ 10,000.00 

Surplus Fund 1.000.00 

Undivided Profits, Less Amount Paid for Interest, Ex- 
penses and Taxes 195.36 

Individual Deposits, Including Savings Deposits 26,842.20 

Certified Checks 265.41 

Cashier's Checks Outstanding 183.59 

Due to State Banks, Private Bankers and Trust Com- 
panies 124.79 

Bills Payable, Including Certificates of Deposits Pre- 
senting Money Borrowed 2,000.00 

Reserved for Accrued Interest on Deposits 55.00 

Reserved for Accrued Taxes 22.42 

Balance Due on Real Estate 4,500.00 

Total $ 45, 188.77 

William M. Rich, Cashier 

21 




St. Luke Penny Savings Bank of Richmond, Va., Incorporated 

Paid up Capital, $50,000.00. Maggie L. Walker, President; Z. D. Lewis, Vice Presi- 
dent; Kmmet C. Burke, Cashier; Mary H. Dawson, Assistant Cashier. 

East Texas Farmers and Merchants Bank of 

Tyler, Texas 

Resources 

Loans and Discounts $ 41 ,543.60 

Furniture and Fixtures 1,122.40 

Due from Other Banks , 265.80 

Other Resources 245.90 

Cash and Exchanire 31,186.10 

Total $ 74,363,80 

Liabilities 

Capital Stock Paid In $31,056.70 

Surplus 263.40 

Undivided Profits 286.80 

Other Liabilities 450.20 

Deposits 41,307.10 

Total $ 74,363.80 

W. A. Redwine, President. B. Allen, Cashier 

22 



Statement of the Financial Condition of the 

St. Luke Penny Savings Bank, 

Richmond, Incorporated 

Resources 

Loans and Discounts $119,515.18 

Overdrafts Secured, None; Unsecured 239.50 

Bonds, Securities, etc., Owned, including 

Premium on Same 20.00 

Banking House and Lot 42,514.64 

Other Real Estate Owned 9,921.30 

Furniture and Fixtures 7,770.73 

Exchanges and Checks for Next Day's Clearings • • • • 1,040.91 

Due from National Banks 5,458.98 

Paper Currency 8, 129.00 

Fractional Paper Currency, Nickels and Cents 360.86 

Gold Coin 5,012.50 

Silver Coin 593.00 

Unpaid Subscription to Capital Stock 

Total ■ . • • $200,576.60 

Liabilities 

Capital Stock Paid In $ 50,000.00 

Surplus Fund 5,000.00 

Undivided Profits, Less Amounts Paid for Interest- • 

Expenses and Taxes 2,868.35 

Dividens Unpaid 58.80 

Individual Deposits Including Savings Deposits- . • • 139,456.04 

Certified Checks 263.61 

Cashiers Checks Outstanding 54.57 

Reserved for Accrued Interests on Deposits 

Reserved for Accrued Taxes 

Unearned Interest 2,875.23 

Total $200,576.60 

Maggie L. Walker, President, 

Emmet C. Burke, Cashier, 

Z. D. Lewis, Vice President, 

Mary H. Dawson, Assistant Cashier. 

23 



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Statement of The Peoples Savings Bank and 

Trust Company 

410 Cedar Street, Nashville, Tennesee 

Resources 

Loans and Discounts $ 34,816.63 

Overdrafts 377.56 

Bank House Furniture and Fixtures 4,490.17 

Real Estate 1,365.99 

Cash 10,259.84 

Total $ 51,310.19 

Liabilities 

Capital Stock $ 11,363.15 

Individual Deposits 35,329.85 

Certificates of Deposits 3,716.10 

Cashier's and Certified Checks 123.18 

Unpaid Dividends 17.82 

Trust Funds 76 0.09 

Total $ 51,3l'oT9 

W. D. Hawkins, Cashier 

Statement of Fraternal Bank and Trust Co., 
Fort Worth, Texas 

Resources 

Loans $ 43,765.31 

Fixtures and Furniture 3,068.80 

Cash in State National Bank 36,166.13 

Cash in Vault • • • • 4,763.84 

Total $87,764.08 

Authorized Capital Stock $100,000.00 

Individual Resources 200,0^30.00 

Liabilities 

Capital Stock paid in 41.245.00 

Surplus and Undivided Profits 5,190.67 

Individual Deposits 39,539.56 

Outstanding Cashier Checks 788.85 

Total $87,764.08 

Tom Mason, President. Wm. M. McDonald Sr., Cashier 

25 



The Mechanics' Savings Bank, Richmond, Va. 

Incorporaled November 20, 1901 

Capital, $100,000.00. John Mitchell, President; H. F. Jonathan, Vice President 

Thomas H. \\'vatt. Cashier 





Vault of The Mechanics' Savings Bank 



Statement of Mechanics Savings Bank of 
Richmond, Va. 

Resources 

Leans and Discounts $ 78,246.07 

Overdrafts. Secured 37.21 

Overdrafts. Unsecured 54.25 

Bonds. Securities, etc.. Owned. Including Premium on 

Same 1.630.00 

Banking House and Lot 41.053.99 

Other Real Estate Owned 64.457.42 

Furniture and Fixtures 5.575.18 

Exchanges and Checks for next day's Clearings 888.24 

Other Cash Items 76.27 

Due from National Banks 8.841.68 

Paper Currency 1.058.00 

Fractional Paper Currency. Nickels and Cents 84.67 

Gold Com 2,855.00 

Silver Coin _ 573.00 

Total $205,430:98 

Liabilities 

Capital Stock Paid In $ 33.770.00 

Surplus Fund 7,000.00 

Undivided Profits. Less Amount Paid for Interest Ex- 
penses and Taxes 1 /,609.6d 

Individual Deposits, Including Savings Deposits 140.429.08 

Time Certificates of Deposits 100.00 

Certified Checks 1,748.80 

Cashier's Checks Outstanding 19.81 

Bills Payable 4.000.00 

Reserved for Accrued Interests on Deposits 545.04 

Reserved for Accrued Taxes 20 8.60 

Total $2^05:430.98 

Walter T. Savis. Cashier 



27 



Statement of the Pythian Bank and Loan 
Company, IndianapoUs, Indiana 

Resources 

Loans and Discounts $ 12,857.69 

Cash on Hand 419.50 

P\irniture and Fixtures 717.15 

Dues for Insurances and Taxes 11.55 

Other Assets 856.10 

Total $ 14,895.57 

Liabilities 

Dues and Dividends on Running Stock . . .$ 1,252.66 

Paid up and Prepaid Stock 12,967.21 

Undivided Profits 204.97 

Advance Interest 14.63 

Other Liabilities 456.10 

Total $ 14,895.57 

Earnest T. Tidrington, President 

Statement of The Farmers Improvement Bank 

of Waco, Texas 

Resources 

Loans and Discounts $ 41,660.09 

Overdrafts 189.67 

Fixtures 672.20 

Real Estate 9,545.00 

Cash and Checks on Other Banks 33,090.86 

Total $ 85,157.79 

Liabilities 

CapitalPaid In $ 13,570.77 

Surplus 4,854.50 

Undivided Profits 1, 783.96 

Cashiers Checks 785.60 

Deposits 63,977.59 

Unpaid Dividends 185.37 

Total $ 85,157.79 

R. L. Smith, President 

28 

10.4 



pD 



Statement of Farmers and Citizens Savings 
Bank, Palistine, Texas 

Resources 

Loans and Discounts $ 35,092.69 

Real Estate 30,675.51 

1,203.00 

217.15 

16,740.37 

Total $ 83,928.72 

Liabilities 

Capital Stock $ 43,853.82 

Undivided Profits 4 582.23 

Demand Deposit 24,723.27 

Time Deposit 10.769.40 

Total $83,928.72 

E. M. Griggs, President 

Statement of HoUoway, Murphy and Com- 
pany, Kingston, N. C. 

Resources 

Loans $ 14,103.65 

Overdrafts 265.21 

Furniture and Fixtures 1,217.34 

Due from Banks, and Cash on hand 3,717.58 

Total $~19,304.05 

Liabilities 

Capital Stock Paid in $ 2,282.59 

Surplus 100.00 

Dividend Unpaid 62.00 

Undivided Profits 331.81 

Bills Payable 

Time Certificates 4,936.41 

Deposits 10,657.33 

Cashier's Checks 18.58 

Total $ 19,304.05 

President Hallowav 
29 



Statement of Wage Earners Loan and Invest- 
ment Company, Savannah, Georgia 

Resources 

Loans Outstanding $ 169,645.86 

Real Estate and Investments 39,010.23 

Office Furniture and Fixtures 767.71 

Building Fund 3,000.00 

Cash 8,999.82 

Total $ 221.424.22 

Liabilities 

Capital Paid In $ 40,938.10 

Reserve and Undivided Profits 32,815.92 

Deposits 122,512.30 

Dividends Unpaid 157.90 

Bills Payable 25,000.00 

Total $ 221,424.22 

L. E. Williams, President and Treasurer 

Statement of Solvent Savings Bank and 
Trust Company of Memphis, Tenn. 

Resources 

Loans and Discounts $ 74,826.74 

Real Estate 20,677.72 

Stocks and Bonds 1,700 00 

Treasury Stock 14,398.50 

Furniture and Fixtures • 4,546.55 

Expenses Paid 4,473.37 

Cash on Hand and in Banks 63,653.09 

Total $184,275.97 

Liabilities 

Capital Stock $ 25,000.00 

Undivided Profits, Interest and Exchange 6,735.88 

Dividends Unpaid 296.03 

Total Deposits 152,244.06 

Total $184,275.97 

J. W. Sanford, President, 
Bert M. Roddy, Cashier 

30 



Statement of the Penny Savings Bank of 
Columbus, Mississippi 

Resources 

Loans and Discounts $ i^ 957 54 

9^'^''^'"^^^" l'043'23 

Stocks and Bonds 900 00 

Banking House, Furniture and Fixtures 4,895.00 

Other Real Estate 2,23F05 

Due from Other Banks 7,099.69 

Cash Items 139 87 

Cash on Hand 9]^g 94 

Interest Paid and Expenses 1 549.98 

Total ,$ 37,745.30 

Liabilities 

Capital Paid In ,$ 5,150.00 

Surplus 100.00 

Undivided Profits, Less Expenses and Taxes 118.90 

Individual Deposits Subject to Check 21,826.02 

Time Certificates of Deposits 6,462.16 

Bills Payable and Rediscounts 2,068.79 

Cashier's Checks 511.15 

Interest and Exchange 1,508.28 

Total .$"37,7T5T0 

J. M. Coleman, Cashier 

Statement of The People's Dime Savings 
Bank Trust Association, Incorporated, 
Staunton, Augusta Co.,Va. 

Resources 

Loans and Discounts .$ 6,890 • 35 

Banking House and Lot 3,383-60 

Furniture and Fixtures 1.000 -00 

Due from Nat'l Banks, State Banks, Private Bankers 766.09 

Other Resources 281 . 66 

Total $12,32lT 70 

Liabilities 

Capital Stock Paid In .$ 2,485 • 00 

Undivided Profits, Less Amount, Paid for Interest, 

Expenses and I'axes 163-58 

Individual Deposits, Including Sa\ ings Deposits 7,263 -30 

31 



Other Liabilities 2,409.82 

Total $12,321.70 

Thomas E. Jackson, Cashier 

Statement Showing the Condition of Delta 
Penny Savings Bank, Indianola, Miss. 

Resources 

Loans and Discounts $ 88,570.19 

Overdrafts Secured 4, 169.06 

Other Real Estate 1,200.00 

Banking House and Fixtures 8, 550.00 

Sight Exchange 41,006.84 

Cash in Vault _ 7, 289.06 

Total $150,785.15 

Liabilities 

Capital Paid In $ 25,000.00 

Surplus 3,000.00 

Undivided Profit 1,998.03 

Time Deposits, Demand Deposits, Savings Deposits 118,235.70 

Due Other Banks 1,386.28 

Unpaid Dividends 410.92 

Cashier's Checks Outstanding 754.22 

Total $150,785^5 

J. E. Walker, President. W. W. Cox, Cashier 

Statement of the Industrial Savings Bank, 
Incorporated 1913, Washington, D. C. 

Resources 

Due from National and Savings Banks $ 9,927.74 

Cash in House 2,098.24 

First Mortgages on Real Estate Loans 9,778.00 

Expenses 401.66 

Furniture and Fixtures 419.55 

Interest 75.86 

Total $12^701.05 

Liabilities 

Capital Stock Paid $ 3,710.00 

Surplus 748.00 

Interest 351.23 

Deposits 17,891.82 

Total $22^701.05 

John W. Lewis, President. W. A. Bowie, Cashier 

32 



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